Construction AI to balloon to $2.41 billion in 5 years

Construction AI to balloon to $2.41 billion in 5 years

1 June 2018

A new report published by global market research platform MarketsandMarkets predicts that the value of artificial intelligence (AI) in construction will balloon from $537 million to $2.41 billion over the next five years, states The Urban Developer.

According to the report, market growth will be mainly driven the increasing adoption of cloud-based applications and services, growing big data, and increasing demand for intelligent virtual assistants.

The major restraint for the market is the limited number of AI technology experts. As AI is a complex technology requiring the implementation of sophisticated algorithms, AI-based systems require deployment and integration, and support and maintenance services.

Also, most companies that manufacture and develop AI-based systems and related software provide both online and offline support, depending on the application.

Early adopters were benefiting from AI solutions and services by reducing the duration and cost of construction, while also being able to increase return on investment, the report said.

The Asia Pacific region is set to grow at the fastest rate, with construction companies in rapidly growing economies, such as China, Japan, and Singapore, using AI tools via AI platforms across different industries to provide effective solutions.

North America continues to have the largest market size, where construction firms have made sizeable investments, while several vendors have modernised to cater to the rapidly growing market.

Last year, Australian robotic technology company, Fastbrick Robotics Limited, entered into an agreement with construction giant Caterpillar, to discuss and develop a potential framework for collaboration regarding the development, manufacturing, sales, and services.

Assignar counts companies like UGL, Lendlease, Sydney Trains and Liebherr among their significant and fast growing client list in both Australia and the United States. The startup’s recent $3 million capital raise will be used to attract more contractors to the platform, and developing the product to become the international industry standard